Interim Management Statement

Hargreaves Lansdown PLC
09 April 2008

Interim Management Statement

Hargreaves Lansdown Plc


The following statement is unaudited except where reference is made to figures
published in the Report and Financial Statements for the year ended 30 June
2007. Certain figures contained in this report have been subjected to rounding
adjustments. Accordingly, in certain instances the sum of the numbers in a
column contained in this document may not conform exactly to the total figure
given for that column.


Hargreaves Lansdown Plc ('the Group') is pleased to publish today its Interim
Management Statement as required by the UK Listing Authority's Disclosure and
Transparency rules. This statement is in respect of the period from 1 January
2008 to 31 March 2008.


Assets Under Administration

During the third quarter, the FTSE All Share fell by 11 per cent from 3286.67 to
2927.05. Despite the less favourable market conditions, Hargreaves Lansdown
suffered less than a 2 per cent drop in asset values and had £10.7 billion of
total assets under administration as at 31 March 2008. This remains £0.5 billion
ahead of the 30 June 2007 value of £10.2 billion.


                                                                      31 Mar     31 Dec     30 Sept      30 June
                                                                        2008       2007        2007         2007
                                                                        £'bn       £'bn        £'bn         £'bn
Assets Under Administration (AUA)
     Vantage                                                             9.6        9.8         9.5          9.1
     Other                                                               0.2        0.2         0.2          0.2
AUA Total (*)                                                            9.8       10.0         9.7          9.3
Assets Under Administration and Management (AUM)
     Portfolio Management Service (PMS)                                  0.9        0.9         0.8          0.8
     Multi-manager funds excluding PMS                                   0.4        0.5         0.5          0.5
AUM Total                                                                1.3        1.4         1.3          1.3
Less: Multi-manager funds included in both AUA and AUM                 (0.4)      (0.5)       (0.5)        (0.5)
Total Assets Under Administration                                       10.7       10.9        10.6         10.2


                                                                      31 Mar     31 Dec     30 Sept      30 June
                                                                        2008       2007        2007         2007
                                                                         £'m        £'m         £'m          £'m
(*) includes the following values of shares in Hargreaves                681        697         811          805
Lansdown plc



The value of assets held within the Vantage service, the Group's
direct-to-private investor fund supermarket and wrap platform, dropped by just
2% from £9.8 billion at 31 December 2007 to £9.6 billion at 31 March 2008
despite the market decline of 11%. This can be attributed to strong business
inflows which have compensated for the negative impact of the market during the
period.  The third quarter leading up to the tax year-end on 5 April is
traditionally the most important in the financial year from the perspective of
gathering assets. In the full tax year ended 5 April 2008, new ISA contributions
increased by 2% to £430 million, compared to £420 million for the tax year ended
5 April 2007. In addition, the Group continued to attract transfers of PEP and
ISA assets into its Vantage service.  Investments into SIPPs (including
transferred business and basic tax relief) were approximately £1.16 billion in
the tax year ended 5 April 2008, 53% more than the £0.76 billion raised in the
previous tax year.  There have been further inflows of investments outside tax
shelters.

The number of active Vantage clients at the 31 March 2008 was around 237,000
compared with 227,000 as at 31 December 2007. The value of assets held in
Hargreaves Lansdown's managed services, namely its Portfolio Management Service
(PMS) and range of multi-manager funds, dropped from £1.4 billion as at 31
December 2007 to £1.3 billion as at 31 March 2008. This figure includes £0.4
billion (31 December 2007: £0.5 billion) of Hargreaves Lansdown multi-manager
funds administered through Vantage.


Revenue

Operating             Third Quarter    Third Quarter    Increase           9 Months           9 Months    Increase
Revenue                 Year Ending       Year Ended                          Ended              Ended
                       30 June 2008     30 June 2007                  31 March 2008      31 March 2007
                          £'million        £'million                      £'million          £'million


Vantage                        17.7             13.5         31%               51.9               35.9         45%
Advisory                        3.8              2.9         31%               10.8                8.1         33%
Discretionary                   2.5              1.9         32%                7.6                5.1         49%
Third Party                     4.1              6.2        -34%               12.0               14.8        -19%
Stockbroking                    1.3              1.5        -13%                4.0                4.4         -9%
Central Services                0.4              0.4           -                1.2                1.3         -8%

Total                          29.8             26.4         13%               87.5               69.6         26%


Note: In addition to the above operating revenue, the Group received £2.3m of
interest on its own cash in the 9 month period ended 31 March 2008 compared to
£0.8m for the same period in the previous year. This can be attributed to higher
cash balances held throughout this period compared to the previous year. In the
Group's previous interim management statement, covering the first quarter of the
year ending 30 June 2008, this interest was included in the divisional revenue
figures.


The Vantage, Advisory and Discretionary divisions continue to generate higher
revenues in the third quarter compared to the same period last year as a result
of higher average asset values during the period. In the 9 month period ended 31
March 2008, these areas accounted for 80% of revenue, compared to 72% for the
year ended 30 June 2007. These divisions continue to drive the business forward
by generating recurring, higher quality, earnings for the Group.

The Financial Practitioners division continues to service the needs of its
clients and introduced £94m into the Portfolio Management Service (PMS) during
the third quarter, compared with £74m for the same period in the previous year.
No additional advisers have been added during this period.

The Group's revenue from Third Party Business is primarily made up of commission
earned on corporate pension business, the renewal commission earned on
investments sold through Hargreaves Lansdown but held outside of its nominee and
the broking of annuities. The value and timing of revenue earned on corporate
solutions business is the least predictable of all of the divisions. This year
has proved to be difficult so far, with intense competition and indecision in
the marketplace.  As previously advised, the revenue from third party
investments is expected to continue its gradual decline as more clients choose
to transfer their assets onto the Vantage platform. The Personal Life and
Pensions division remains the only growth area in Third Party Business so far
this year, driven by strong annuity sales. The revenue from term assurance has
declined and the Group is no longer actively marketing in this area.

The level of stockbroking revenue is dependent on general levels of market
activity. An increased dealing charge for certificated share trades was
introduced on 1st January 2008 and in advance of this, clients were encouraged
to deposit their shares into the Vantage Share Account. As a result, the 13%
drop in stockbroking revenue for the period was not unexpected.

Finally, revenue from the Central Services division includes interest on some
client cash accounts, together with revenue from subscription and information
services.


Commenting on the Interim Management Statement, Peter Hargreaves, Chief
Executive, said:


'It has been a remarkable period for financial markets. World stock markets have
been more volatile than in most people's memories and at the same time we have
seen banks bailed out on both sides of the Atlantic. There is also concern about
property prices, both commercial and residential.'


'It is pleasing to report that despite the market creating poor trading
conditions for the tax year ended 5th April 2008, we have taken more into our
ISA and our SIPP than in the previous year. The full benefit of assets gathered
this year will be reflected in the 2009 financial year, in the form of a full
year of revenue. Our results continue to demonstrate the resilience of the
Hargreaves Lansdown business model.'


'We expect market conditions to remain challenging but will continue to innovate
and exploit any opportunities the market presents. As always, our asset values,
revenues and profitability will be impacted by the performance of the market.'


' Irrespective of what market conditions prevail, we endeavour to provide our
clients with the best service, the best prices and the best information.'








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